Announced extension of enhanced insurance benefits under the Employees’ Deposit Linked Insurance Scheme (EDLI) scheme for all members of the Employees’ Provident Fund Organisation (EPFO).
EPFO EDLI scheme 2024: There is good news for the account holders and employees of the Employees’ Provident Fund Organization. The Modi government at the Center has given a big gift to 6 crore members of EPFO before Diwali. The Central Government has decided to extend the back date of the Employee Deposit Linked Insurance i.e. EDLI scheme from 28 April 2024.
Actually, Union Labor Minister Mansukh Mandaviya has decided to extend the increased insurance benefits to all the members of the retirement fund body EPFO under the Employees Deposit Linked Insurance (EDLI) scheme. All the members of EPFO will be given the benefit of retirement fund under the Employees Deposit Linked Insurance Scheme. This will ensure life insurance protection of up to Rs 7 lakh to more than 6 crore EPFO members.
What is EDLI scheme
EDLI scheme was started in the year 1976. Its purpose is to provide insurance benefits to the members of the Employees Provident Fund Organization, so that whenever an EPFO member dies, his family members do not have to face financial problems. Financial help can be provided to the family of every member.
How to get the benefit of the scheme
According to the rules of EDLI scheme, in case of death of employees till April 2021, their legal heirs were given a maximum benefit of Rs 6 lakh, after which by issuing a notification for EDLI scheme, the minimum and maximum benefits available to the legal heirs were extended for 3 years to 27 April 2024, in which the minimum benefit was made 2.5 lakhs and the maximum benefit was made 7 lakh rupees.
The condition of 12 months of continuous service in an establishment was also relaxed so that employees who change jobs during that period can also be covered under it. Now according to the recently issued notification, employees will be given the benefit of life insurance of Rs 7 lakh. This rule will come into effect from April 28, 2024.
